European Union members are going beyond an import ban and are now targeting its coverage. The European Union is moving beyond the previous Russian crude import ban and is now targeting oil insurance companies covering the transport of the fuel. This move could substantially impair Russia’s ability to ship its crude to locations worldwide. The oil insurance sanctions have to do with banning coverage for European vessels and companies linked with the transportation of Russian crude worldwide. This is one component of a broader sanctions package the EU has been…
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Oil insurance rates “increased 10-fold” since Strait of Hormuz tanker attacks
The attacks on oil tankers and U.S. spy drones since may have been driving the risk – and cost- skyward. Oil insurance rates to cover tankers transporting crude around the world have been rising sharply over the last couple of months. A US listed shipping company’s CEO pointed out that the recent attacks have spiked premiums. Since May, a U.S. spy drone and six oil tankers have been attacked near or within the Strait of Hormuz. That waterway is a strategic transport route that connects Iran, Oman and the United…
Read MoreIran offers oil shipment insurance to India to keep tankers sailing
Tehran’s efforts to overcome the returning U.S. sanctions include providing their own insurance coverage. Iran has started offering India oil shipment insurance to cover tankers operated by Iranian companies. The goal is to overcome the barriers occurring as a result of Indian insurance companies backing out of covering Iranian oil takers due to the return of sanctions from the United States. By providing their own cargo insurance for tankers headed to India, Tehran is hoping to keep tankers moving. As India is Iran’s second largest single oil customer – China…
Read MoreInsurance news in Uganda shows trend toward oil sector risks
Brokers are focusing on the opportunities that the new industries are providing in the country. The recent insurance news that has been arriving from Uganda has been based on the interest that brokers have been taking in the blossoming oil and gas sector in the country. Training has been started to ensure that insurance brokers understand the risks and how to mitigate them. The Uganda Association of Insurance Brokers (UAIB) chairman, Maurice Amogala, who is also the CEO of AON Uganda, Ltd., has stated that they are already dedicating themselves…
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